CHICAGO, UNITED STATES, July 6, 2023/EINPresswire.com/ -- Global 𝐬𝐲𝐧𝐭𝐡𝐞𝐭𝐢𝐜 𝐥𝐞𝐚𝐭𝐡𝐞𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 revenue was 𝐔𝐒$ 𝟑𝟏.𝟖𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐. The global market is estimated to reach a valuation of 𝐔𝐒$ 𝟓𝟔.𝟔𝟖 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏,
growing at a𝐂𝐀𝐆𝐑 𝐨𝐟 𝟔.𝟖𝟖% during the forecast period from 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟏.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/synthetic-leather-market

Consumer trends in the contemporary environment point to a tectonic shift toward the adoption of sustainable and animal-free goods, which is projected to increase the demand for synthetic leather globally. Consumer preference for synthetic leather has grown owing to the rising animal rights awareness and campaigns, and the establishment of stringent animal welfare rules. For instance, U.S. Fish and Wildlife Service agents seized the reptile skin boots that were brought illegally. According to recent research, officers seized 5,607 unique luxury fashion goods that were declared illegal between 2003 and 2013. They accounted for over 70% of them and included reptile skins and leather goods.

Particularly in developing nations like China and India, the demand for passenger and commercial automobiles has been driven by the rapid expansion in population and disposable income. According to data made public by the China Passenger Car Association (CPCA), 1.63 million new cars were sold in the Chinese market in April 2023. It indicates an increase of 2% from the previous month.

Synthetic leather is replacing natural leather in interior car settings like seat coverings and dashboards as they are bulky, expensive, and difficult to handle. These elements are motivating synthetic leather market participants to seize business chances in the automotive industry. Exclusive "vegan leather" upholstery is used in the new Rivian R1T; the Hummer EV pickup and SUV from GMC will also feature synthetic skins. When Volvo's whole lineup is electrified in 2030, the C40 Recharge won't have any leather interiors.

𝐊𝐧𝐢𝐭𝐭𝐞𝐝 𝐒𝐲𝐧𝐭𝐡𝐞𝐭𝐢𝐜 𝐋𝐞𝐚𝐭𝐡𝐞𝐫 𝐭𝐨 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐞 𝐎𝐯𝐞𝐫 𝟔𝟐% 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞

Astute Analytica estimates that 20,928.38 million square meters of synthetic leather produced worldwide in 2022, with knitted or woven-based synthetic leather accounting for more than 64% of the entire production. This shows that there is a large demand for knitted or woven-based synthetic leather and that this need will probably increase over the next few years.

Additionally, in 2022, knitted or woven-based synthetic leather brought in about $20,289 million. This suggests that there is a sizable market for products made of synthetic leather, and producers will likely concentrate on making more knitted or woven-based synthetic leather to satisfy the rising demand.

𝐒𝐲𝐧𝐭𝐡𝐞𝐭𝐢𝐜 𝐋𝐞𝐚𝐭𝐡𝐞𝐫 𝐢𝐬 𝐌𝐚𝐣𝐨𝐫𝐥𝐲 𝐀𝐝𝐨𝐩𝐭𝐞𝐝 𝐛𝐲 𝐅𝐨𝐨𝐭𝐰𝐞𝐚𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬

With over 30% of the market share in terms of sales, footwear is anticipated to dominate. This is because synthetic leather is becoming in demand in the footwear sector as a viable and affordable substitute for traditional leather. The demand for footwear is growing due to rising income levels and economic expansion, particularly in emerging economies. Additionally, the market is rising by variances in regional climates, which call for various styles of footwear. According to information from the Export Promotion Bureau (EPB), exports of synthetic shoes and sports shoes saw an average growth rate of nearly 20% during the previous five years.

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐂𝐚𝐩𝐭𝐮𝐫𝐞 𝐌𝐨𝐫𝐞 𝐓𝐡𝐚𝐧 𝟐𝟕% 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞

With approximately 27% of the revenue share, North America is the second-largest synthetic leather market. With a sizeable chunk of the market share, the U.S. is the country that contributes the most to this market in the region. Consumer tastes have a significant impact on the demand for synthetic leather products. The need for eco-friendly and sustainable materials is rising in North America. As a result, there is a growing market for synthetic leather items as an alternative to natural leather.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/synthetic-leather-market

In order to keep up with this demand, there is a continual increase in both the supply and demand for synthetic leather goods in North America. As a result, the market is now balanced, and in the years to come, stable expansion is predicted. Due to its strong industrial sector, sizable customer base, and rising interest in environmentally friendly products, the U.S. contributes significantly to the North American synthetic leather market.

With multiple large market players operating in the region, the North American synthetic leather market has a strong manufacturing capability for synthetic leather. As a result, there is now a greater supply of goods made of synthetic leather, which has helped the market expand. With synthetic leather products becoming popular in several industries, including the automotive, fashion, and footwear sectors, synthetic leather consumption in North America is rising. The market has grown even more due to the expanding demand for synthetic leather products in these sectors.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

Few businesses, mostly in the Asia Pacific region, with significant production capacities dominate the synthetic leather market. In order to boost their revenues and expand their market shares, businesses frequently employ techniques like joint ventures, mergers and acquisitions, production capacity expansions, and new product development.

𝐓𝐡𝐞 𝐩𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐲𝐧𝐭𝐡𝐞𝐭𝐢𝐜 𝐥𝐞𝐚𝐭𝐡𝐞𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:

• Achilles USA Inc.
• Alfatex Italia SRL
• Asahi Kasei Corporation
• FILWEL Company Ltd
• Fujian Polytech Technology Corp., Ltd.
• H.R.Polycoats Pvt Ltd.
• Kuraray Co., Ltd
• Mayur Uniquoters Limited
• Nan Ya Plastics Corporation Inc.
• San Fang Chemical Industry Co., Ltd
• Tejin Limited
• Toray Industries
• Zhejiang Hexin Holdings Co., Ltd.
• Other Prominent Players.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐢𝐧𝐞

𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐬𝐲𝐧𝐭𝐡𝐞𝐭𝐢𝐜 𝐥𝐞𝐚𝐭𝐡𝐞𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐜𝐮𝐬𝐞𝐬 𝐨𝐧 𝐓𝐲𝐩𝐞, 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫, 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧.

𝐁𝐲 𝐓𝐲𝐩𝐞

• Non-woven microfiber
o Leather Optic
o Suede Optic
• Knitted or woven base
o Leather Optic
o Suede Optic
𝐁𝐲 𝐄𝐧𝐝 𝐔𝐬𝐞𝐫
• Footwear
o Performance Footwear
o Fashion Footwear
• Bags and Accessories
• Furnishing
o Couches & Sofas
o Chairs
• Interior
o Interior Décor & Surfacing
o Wall Tiles
• Automobiles
o Seats
o Doors
o Dashboards
o Steering Covers
o Others
• Sporting Goods
• Garments/ Fashion
o Fashion Apparel
o Fashion Accessories
o Performance Apparel
• Luxury Goods
o Hard Luxury
o Soft Luxury
• Others (Including Industrial)
𝐁𝐲 𝐑𝐞𝐠𝐢𝐨𝐧
• North America
o The U.S.
o Canada
o Mexico
• Europe
• Western Europe
 The UK
 Germany
 France
 Italy
 Spain
• Rest of Western Europe
Eastern Europe
 Poland
 Russia
• Rest of Eastern Europe
Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific
Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• UAE
• Rest of MEA
South America
• Argentina
• Brazil
• Rest of South America

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/synthetic-leather-market

𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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